Safety of deposits held in Spanish Bank accounts

acmar · 16-07-08, 22:16

Money deposited in a single UK bank is protected up to £35,000 for an individual person and double for a joint account.

There are plans to extend this protection to £50,000 per individual and £100,000 for joint accounts,

What is the position in the event of a Spanish bank getting into trouble?

Thanks

doreen · 16-07-08, 22:19

I have an appointment with my Bank Manager tomorrow - I will ask her.

doreen · 17-07-08, 14:34

As promised ... by law, deposits in Spanish banks are guaranteed to a maximum of 20,000 euros (per person, so I presume a joint account would have guarantee of 40,000)

My manager commented that Spanish banks are much less affected than the British banks by the current credit crisis.

They do seem to have wider reserves - witness Santander trying to snatch up A&L

gandalf · 17-07-08, 14:55

At least I know the largest amount of money I can transfer from the UK

TomA · 30-09-08, 10:30

In Ireland where I am at the moment the Government have Guaranteed all savings up to 100,000 for the next 2 years to bring some stability to the markets this morning. They also have guarantees in place in the UK. Does Spain have anything like this does anyone know. ?

Leon · 30-09-08, 15:18

Quote:

Originally Posted by TomA

In Ireland where I am at the moment the Government have Guaranteed all savings up to 100,000 for the next 2 years to bring some stability to the markets this morning. They also have guarantees in place in the UK. Does Spain have anything like this does anyone know. ?

In Spain your savings are guaranteed upto 20.000 €.

says the Bank of Spain

Briz · 30-09-08, 15:44

Quote:

Originally Posted by Leon

In Spain your savings are guaranteed upto 20.000 €.

says the Bank of Spain

The UK Government said that it would guarantee all bank deposits up to £35,000, which is £3,300 higher than the previous guarantee.
However, savers should be warned that this is the only element of the Financial Services Compensation Scheme cover that has been changed: current rules still persist in which the £35,000 limit applies to each institution with which you have money, but not every account.

This means that savers who are worried about banks financial security in the light of the Northern Rock affair would be advised to save a maximum of £35,000 with one bank. For example, if you halved savings of £100,000 between two banks that both belong to the same parent group, then you would still only be compensated by a maximum of £35,000.

For instance, Bank of Scotland owns the brands AA, Birmingham Midshires, Halifax, Intelligent Finance and Saga. Only a total of £35,000 in deposits spread across these brands will be guaranteed by the FSCS. Cahoot is provided by Abbey; if you had an account with each of these, you would only receive one payment from the FSCS.